By default it uses the modern standby (S0 sleep), but Razer their bios still supports S3 sleep so the workarounds to switch to S3 sleep work flawlessly.
I was surprised by this seeing as most OEM's lazily don't support it anymore, meaning you're stuck with S0 (modern standby). My girlfriend had to force her G14 to hibernate when closing otherwise the laptop just cooks itself with the fans still running as well.